Lombard Odier Asset Management USA Corp Sells 92,369 Shares of Methanex Corporation $MEOH

Lombard Odier Asset Management USA Corp lessened its holdings in shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 68.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 42,500 shares of the specialty chemicals company’s stock after selling 92,369 shares during the quarter. Lombard Odier Asset Management USA Corp owned 0.05% of Methanex worth $1,690,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MEOH. Dixon Mitchell Investment Counsel Inc. increased its holdings in shares of Methanex by 66.4% in the second quarter. Dixon Mitchell Investment Counsel Inc. now owns 2,041,412 shares of the specialty chemicals company’s stock worth $67,577,000 after acquiring an additional 814,877 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Methanex by 28.1% during the 2nd quarter. Mackenzie Financial Corp now owns 1,568,264 shares of the specialty chemicals company’s stock valued at $51,960,000 after purchasing an additional 343,876 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Methanex by 249.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,432,483 shares of the specialty chemicals company’s stock valued at $56,939,000 after purchasing an additional 1,022,987 shares in the last quarter. Millennium Management LLC grew its position in shares of Methanex by 116.8% in the 3rd quarter. Millennium Management LLC now owns 1,157,233 shares of the specialty chemicals company’s stock valued at $46,011,000 after purchasing an additional 623,502 shares during the period. Finally, Encompass Capital Advisors LLC grew its position in shares of Methanex by 11.9% in the 2nd quarter. Encompass Capital Advisors LLC now owns 1,118,102 shares of the specialty chemicals company’s stock valued at $37,009,000 after purchasing an additional 118,797 shares during the period. 73.49% of the stock is currently owned by institutional investors.

Methanex Price Performance

Shares of MEOH opened at $50.50 on Tuesday. The company has a quick ratio of 1.37, a current ratio of 2.06 and a debt-to-equity ratio of 0.99. Methanex Corporation has a twelve month low of $25.46 and a twelve month high of $59.09. The stock has a market capitalization of $3.91 billion, a P/E ratio of 44.69 and a beta of 0.65. The company has a 50 day moving average of $48.93 and a 200-day moving average of $41.62.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings data on Thursday, March 5th. The specialty chemicals company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.95). The business had revenue of $968.81 million during the quarter, compared to the consensus estimate of $1.03 billion. Methanex had a return on equity of 5.35% and a net margin of 2.21%.The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.24 EPS. As a group, equities research analysts forecast that Methanex Corporation will post 4.32 EPS for the current fiscal year.

Methanex Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be paid a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Tuesday, March 17th. Methanex’s dividend payout ratio is currently 65.49%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on MEOH. Raymond James Financial raised their target price on shares of Methanex from $45.00 to $50.00 and gave the stock a “market perform” rating in a report on Tuesday, March 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of Methanex in a report on Monday, December 29th. Jefferies Financial Group increased their price objective on shares of Methanex from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, March 11th. Zacks Research raised shares of Methanex from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 27th. Finally, Canadian Imperial Bank of Commerce lowered shares of Methanex from an “outperform” rating to a “neutral” rating and upped their target price for the stock from $46.00 to $52.00 in a research note on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $49.90.

Methanex Company Profile

Methanex Corporation is a Vancouver, Canada–based company and one of the world’s largest producers and suppliers of methanol. The company manufactures methanol, a key feedstock for a wide range of chemical products and industrial applications. Methanex markets its product to customers in energy, plastics, paints and coatings, and various chemical sectors, positioning the company as a critical link in the global supply chain for basic chemicals.

The company’s core product, methanol, serves as a building block for downstream chemicals such as formaldehyde, acetic acid and methyl tertiary butyl ether (MTBE).